Industries today are constantly looking for ways to improve customer service, provide customer assistance, gain new customers, and the like. In the financial services industry, the use of fee waivers is a popular way to reward long-standing customers, encourage new customers or existing customers to open new products (e.g., new accounts, additional accounts, different types of accounts, and the like) or enroll in new services (e.g., online banking, electronic bill pay, and the like). Fee waivers are generally used at financial institutions for various reasons and may be applied through manual or systematic processes.
Fee waivers may allow for customers to be exempt from paying a fee associated with an account, service, and the like. However, conventional systems have very few controls over how waivers are applied, who is eligible for waivers, when a waiver expires, and the like. Leaving fee waiver decisions up to individual employees often creates inconsistency in the application of fee waivers and can result in lower adherence rate to the policy of the business. Further, conventional systems allow very little, if any, tracking of fee waivers that are currently applied to an account or fee or were applied and have expired, who applied the fee waiver, and the like. Accordingly, a system and method of identifying appropriate fee waivers for customers based on criteria of the customer, customer account, and the like, as well as providing historical tracking of the fee waivers, would be advantageous.